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Manila Bulletin devider Business devider Banking & Finance devider GoTyme, PayMongo partner for flexible SME financing

GoTyme, PayMongo partner for flexible SME financing

Published Nov 25, 2023 09:12 am

GoTyme Bank and PayMongo Philippines Inc. agreed to work together to expand financial inclusion among small and medium enterprises (SMEs) by making business loans of up to P500,000 more accessible under PayMongo’s merchant ecosystem.

Businesses may avail of loans via GoTyme’s banking services, it said in a statement.

GoTyme Bank CEO Nate Clarke said, “as GoTyme Bank expands to offer more banking products to our customers, we also continue to build meaningful relationships and foster financial inclusion. Through PayMongo Capital powered by GoTyme Bank, we hope to make loans and banking in general more accessible to SMEs and give them the preferred banking experience they deserve.”

A fully digital financial program, PayMongo Capital powered by GoTyme Bank “marks both companies’ initial product offering in its expansion efforts,” according to the statement.

“The streamlined and efficient application process eliminates the lengthy paperwork traditionally associated with financial services, providing a seamless, two-minute, two-screen journey. The first screen prompts users to input the desired amount and tenor, while the second screen requires confirmation and verification,” it added.

Meanwhile, PayMongo merchants can have seamless disbursement and receive the loaned amount in one banking day, depending on the receiving bank’s processing.

Also, the company said eligible merchants will receive instant approval, and a cash advance offer complete with flexible repayment options—no collaterals required. To track payments, merchants have access to a fully transparent view of loan transactions through the PayMongo merchant dashboard.

Other notable features include: flexible term of the loan and transparent pricing; and flexible pay schedule based on your daily sales and unfixed monthly amount.

“Going into loans is a big step for GoTyme Bank and we are optimistic that with the partnership with PayMongo, we will be able to give SMEs the best customer service and peace of mind. By making the process easier and less intimidating, merchants are better empowered to make the best choices for their business,” said Albert Tinio, GoTyme Bank co-CEO.

“At PayMongo, our unwavering commitment to support the growth of small and medium-sized businesses takes a groundbreaking leap with our partnership with GoTyme Bank. This collaboration is a game-changer for PayMongo merchants, unlocking additional capital to propel their online enterprises toward unparalleled success,” said PayMongo CEO Jojo Malolos.

“Together with GoTyme, we capitalize on our shared vision for financial inclusion, leveraging our familiarity with each other to simplify financial solutions. Our streamlined, efficient, and cost-effective approach ensures our valued merchants get the resources they need to make a meaningful impact in their ecosystems. We couldn’t be more excited about the opportunities this partnership creates for the business community. This is a testament to our shared commitment to innovation, efficiency, and the success of the SMEs we serve,” he added.

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